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Weinstein Co. files for bankruptcy

Harvey Weinstein. Photo: Dimitrios Kambouris / Getty Images for TNT

"Harvey Weinstein's embattled movie studio — once a premier maker of award-winning films — has filed for Chapter 11 bankruptcy more than five months after sexual misconduct allegations against its co-founder sent the company spiraling out of control," the L.A. Times reports.

The big picture: The company is also releasing its employees from non-disclosure agreements as part of the bankruptcy filing. New York AG Eric Schneiderman, who has been investigating the company, said, "The Weinstein Company's agreement to release victims of and witnesses to sexual misconduct from non-disclosure agreements ... will finally enable voices that have for too long been muzzled to be heard."

"The filing ... is the culmination of a long struggle to spare the formerly highflying studio from Bankruptcy Court."

"The move to seek protection from creditors owed hundreds of millions of dollars comes after the company tried and failed to sell assets to a group of investors led by billionaire Ron Burkle and former Obama administration official Maria Contreras-Sweet."

And in another movie business shake-up, "MGM CEO Gary Barber has been fired by the studio’s board of directors — just five months after he signed a new contract that runs through 2022," per Variety.

"MGM Holdings made the announcement Monday evening, saying it had initiated a CEO transition and and executive search for Barber’s successor."